FirstService

Property News - Colliers acquired by FirstService Corporation

28.03.2012

Colliers International UK business has been acquired by FirstService Corporation.

On 24 January 2012, Colliers International UK confirmed that it had received an approach from FirstService Corporation (“FirstService”). In accordance with Rule 2.4(c) of the Takeover Code ("the Code"), FirstService was required, pursuant to Rule 2.6(a) of the Code, by 5.00 p.m. on 21 February 2012 (the "relevant deadline"), to either announce a firm intention to make an offer for Colliers International UK, under Rule 2.7 of the Code, or announce that it did not intend to make an offer for Colliers International UK which would be treated as a statement to which Rule 2.8 applies.

Following on from two extensions of the relevant deadline, FirstService yesterday completed the acquisition from the Company of all the trading operations of Colliers International UK on a going concern basis, securing full continuation of the Colliers International UK group's business for its clients and staff.

The valuation of the Company derived from the FirstService proposal meant that, given the level of debt within the Company, there was minimal value, if any, to be attributed to the ordinary shares of the Company and the transaction completed yesterday will realise no value for the ordinary shares of the Company.

Colliers International UK confirms that it is no longer in discussions (with FirstService or any other party) regarding a possible offer for the issued share capital of the Company and that it is no longer in an offer period. The previously announced deadline by which, in accordance with Rule 2.6(a) of the Takeover Code, FirstService was to have announced either a firm intention to make an offer for the Company or announce that it does not intend to make an offer for the Company has therefore, with the consent of the Takeover Panel, been set aside.